BootJack Ranch on sale block at $80M
Source: The Durango Herald, by Shane Benjamin
September 11, 2007
BootJack Ranch on sale block at $80M
David J. Brown, a developer who owns a significant chunk of real estate in the old downtown area of Pagosa Springs, is planning to sell a vast ranch where he lives northeast of town.
Leanne Goebel, a spokeswoman for Brown, confirmed that BootJack Ranch is under contract to be sold. She declined to give further details, and Brown declined to be interviewed for this story.
The looming sale raises questions about Brown's future plans for downtown Pagosa.
In 2001, Brown was diagnosed with multiple myeloma, according to an online blog that is maintained by Goebel. In recent weeks, he has been receiving care from the Mayo Clinic near Phoenix, and his health has been improving, said Mary Jo Coulehan, director of the Pagosa Springs Chamber of Commerce.
"I know he needs to spend some recuperative time in Phoenix," she said.
BootJack Ranch consists of thousands of acres of scenic land on both sides of U.S. Highway 160, northeast of Pagosa. It is primarily a private residence for Brown's family, but it is also used for concerts sponsored by Music in the Mountains and a retreat for missionaries and business leaders.
It has a large two-story log cabin and about 10 small cabins, Coulehan said. On average, 100 visitors stay at the ranch each year, according to Goebel's blog.
Brown owns between nine and 14 parcels - or about 5 acres - of property in downtown Pagosa. The assessed value of those properties is about $13 million, according to the Archuleta County Assessor's Office.
In some cases, Brown has torn down buildings and left vacant lots. In others, he has leased his buildings to businesses.
In an interview last year, Brown said he wants to revitalize downtown Pagosa by bringing in more upscale stores, hotels and restaurants.
Some residents have criticized Brown for using his wealth to change the character of the town. They don't like that one person has so much influence. But others laud Brown for his vision and for his generosity toward local nonprofits.
"People are definitely opinionated about him," Coulehan said.
She said Brown wanted Pagosa Springs to become a destination location and less of a pass-through community.
"He wanted to make it more user friendly for our visitors and our locals," she said.
Brown helped start the Community Vision Council, which is a group of citizens that study the downtown, the arts and other facets of the community. One of Brown's visions that he was successful at was to increase the town's lodgers tax to help market Pagosa. Another vision was to redo the welcoming signs at the entryways to town. That effort is proceeding.
Before moving to Pagosa, Brown made millions as a developer in Silicon Valley. His great grandfather was Harry Jackson, who settled in Arboles about 1892 before moving to Durango and starting Jackson Hardware Co., according to Goebel's blog. The grandfather served as mayor of Durango, and two more generations were born in Durango.
Brown visited a family cabin at Electra Lake every summer until 1993, when his mother passed away, Goebel said. He had a condominium at Tamarron Resort for two years until 1995, when he moved to Pagosa.
Mike Heraty, a broker at The Source, declined to comment about the ranch or the sale, citing a confidentiality contract.
While Coulehan didn't have direct knowledge of the pending sale, she said the ranch is to be sold for a reported $80-plus million to an investor group out of California. Another independent source cited a similar figure.
"I do know his health is an issue, and you do reprioritize things in your life when health is an issue," Coulehan said.
click here for more information
|
